Silver Price Analysis: XAG/USD eases from short-term key resistance near $22.00

Silver fades upside momentum near one-week high but stays on the way to first weekly gain since early April.
Three-week-old descending trend line, 100-SMA restrict nearby advances inside weekly rising channel.
MACD, RSI conditions suggest gradual recovery until the quote stays beyond $21.40.

Anil Panchal FXStreet

Silver (XAG/USD) pares the previous day’s gains around $21.90 during Friday’s sluggish Asian session.

In doing so, the bright metal retreats from a downward sloping trend line from late April while staying inside a one-week-old ascending trend channel.

However, firmer RSI (14) and bullish MACD join the rising channel formation to keep the XAG/USD buyers hopeful of overcoming the immediate hurdle surrounding $22.00.

That said, the 100-SMA level near $22.10 acts as an extra filter to the north before directing the quote towards the upper line of the stated channel, close to $22.50 by the press time.

Meanwhile, pullback moves remain elusive until staying beyond the channel’s support line, around $21.40 at the latest.

Following that, a downward trajectory towards the monthly low of $20.45 and then to the $20.00 threshold can’t be ruled out.

Silver: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	21.9
Today Daily Change	-0.03
Today Daily Change %	-0.14%
Today daily open	21.93

Trends
Daily SMA20	22.33
Daily SMA50	23.99
Daily SMA100	23.82
Daily SMA200	23.59

Levels
Previous Daily High	22
Previous Daily Low	21.28
Previous Weekly High	22.37
Previous Weekly Low	20.46
Previous Monthly High	26.22
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	21.72
Daily Fibonacci 61.8%	21.56
Daily Pivot Point S1	21.47
Daily Pivot Point S2	21.02
Daily Pivot Point S3	20.76
Daily Pivot Point R1	22.19
Daily Pivot Point R2	22.45
Daily Pivot Point R3	22.9

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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